Immediate Care needs annuity

ogsplatterthethird

I am trying to persuade a relative that it could be a good idea to consider taking out an immediate care annuity. They are very reluctant to make contact with an IFA, and I thought it would be a good idea to build a spreadsheet showing the annual cashflow, with various scenarios. AI has produced such a spreadsheet, (with a bit of error checking!), but I only have the roughest idea of what the premium, and the fees coverage would be. I appreciate any real quotations can only be obtained after a medical asessment and IFA interview, but are these assumptions way off the mark?

Single Male, aged 76, been in care for 4 years, following accident. No major health complications. Care fees to be covered: £85k pa index linked. Has unsheletered capital after sale of house, so is self-funding. No dependents.
I'm assuming the premium for £85k index linked cover would be £400-£450k. Is that within the ballpark?

Is this the right forum to ask?

xylophone

https://www.moneyhelper.org.uk/en/family-and-care/long-term-care/immediate-needs-annuity

You might try getting some quotes specific to his age and situation

https://www.immediate-needs-annuity.co.uk/calculator/

https://www.eldercaregroup.co.uk/care-fees-annuity-calculator

https://www.care-fees-annuity.co.uk/care-fee-annuities/annuity-premium-calculator/